Indian Hotels Corporation (IHCL), the hotel arm of Tata Group, posted a consolidated net profit of Rs 715.7 crore in the March quarter, compared with a close net loss of Rs 9,772 crore in the corresponding period of the previous fiscal, IHCL said. Regulatory documents.

It reported consolidated revenue of Rs 8,720.8 crore for the quarter compared to Rs 6,150.2 crore a year earlier. Its annual loss fell to Rs 265 from Rs 796 crore in 2020-21. The hotel company said it had the newest hotel contracts in India for the second year, with 19 unique hotels.

IHCL has also raised Rs 4,000 crore, Rs 2,000 crore through a rights issue, and an additional Rs 2,000 crore through QIP. Roots Corporation, which operates the Ginger brand, is now a wholly-owned subsidiary of IHCL. IHCL Puneet Chhatwal, MD and CEO, said in a statement.

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“The business outlook for April and May is positive ahead of 2019. The expansion of our industry-leading pipeline and high-margin new businesses such as Ginger, amã Stays & Trails, and Qmin will provide further impetus,” he said.